Asana delivered a solid QQ3 2025 performance with revenue of $183.9 million, up 10% year over year, supported by broad-based strength outside the tech vertical and early traction from the AI Studio initiative. The company is transitioning from a pure seat-based model to a blended, value-based framework that includes platform fees, add-ons, and consumption-based AI Studio pricing. While GAAP profitability remains negative (operating loss of $60.2 million; net loss of $57.3 million; EPS -$0.25), management guided to improved non-GAAP margins and positive free cash flow by the end of Q4 2025, signaling strategic progress toward profitability. The AI Studio launch is a strategic hinge: early access customers indicate stickiness, cross-sell potential, and high incremental value beyond traditional seat-based licensing, with GAAP revenue not yet meaningfully recognizing AI Studio, but with expectations for material upside as adoption scales in FY2026. Net retention is stabilizing at 96% overall (core 98%, $100k+ 99%), while annualized RPO reached $405.7 million, up 21% year over year and 82% of RPO to be recognized in the next 12 months, underscoring durable revenue visibility. Management stressed ongoing vertical expansion (manufacturing, consumer retail, healthcare, energy, government via FedRAMP) and cost discipline to drive FCF and margin expansion in 2026. The ultimate investment thesis hinges on AI Studio’s monetization trajectory, efficiency gains from upmarket expansion, and the speed with which the monetization mix pivots toward higher-margin, value-based offerings.